Family Business: It’s All About Balance
Have you ever thought about (or maybe you already are) running a business online with your family? As exciting and fulfilling as it may sound, it is definitely a decision worth taking the time to think about. One major consideration is whether/when to look outside the family for talent.
One component of your initial business plan should focus on listing everyone’s strengths and experience. This will give you an overall picture of what aspects of the business are covered. It also points out which elements are lacking. For example, one of your kids might be great at coding, programming, and building a website, but that doesn’t necessarily mean they are best suited to be the SEO (search engine optimization) expert on the team. Additionally, a good resource contingency plan covers what to do when a family member leaves the company, whether it be due to illness, retirement, or to pursue another career.
Entrepreneurs, no matter how small their business venture, don’t have to tackle everything themselves. And help isn’t limited to only family and friends. Areas to consider outsourcing to non-family personnel include:
- Legal and compliance (incorporation, corporate status, etc.)
- Banking (loans, checking and savings accounts, payroll, etc.)
- Human Resources (hiring, paperwork, payroll, taxes, etc.)
- Business consulting (business plan, market research, etc.)
- Marketing (advertising, sales collateral, social media presence, etc.)
- Technical (website development, video production, etc.)
Automation is also an important component to keep in your toolbox. As cliché as it sounds, today’s technology can do so much of the work for pennies a day. Don’t do the work manually if there’s a software application or online service that can do it for you. And don’t forget about the mountain of data at your fingertips, no matter if you’re looking for customer feedback, web traffic statistics, or consumer behavior. If you don’t have time to analyze it, be sure to outsource it to someone who knows how to turn that data into actionable results, even if they’re not sitting at the dinner table with you tonight.